Fleet Tutoring Services Borrowed $12,000 and Signed a One-Year Note $$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

question 5

Essay

Fleet Tutoring Services borrowed $12,000 and signed a one-year note payable on December 1,2012.The note bears interest at a rate of 5% per year.Fleet will repay the principal amount of $12,000 plus one year's interest of $600 on November 30 of the following year.Fleet accrues interest expense every month.What adjusting entry is needed on December 31?
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

Interpret critical values for chi-square statistics at different significance levels.

Determine the appropriateness of using the chi-square test based on expected frequencies.

Identify the statistical procedure to use based on conditions related to expected frequencies.

Understand the assumption of independence in data for chi-square tests.

---

Definitions:

Variable Overhead

Costs that vary with the level of production output, such as utilities for manufacturing equipment, which increase as production increases.

Fixed Overhead

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance expenses.

Direct Labor

Refers to the wages or salaries paid to employees directly involved in the production of goods or services.

Direct Materials

Raw materials that can be directly linked to the production of a specific product.